Current report filing

OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Other Intangible Assets (Details)

v3.20.1
OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Other Intangible Assets (Details) - USD ($)
$ in Thousands
 5 Months Ended 7 Months Ended 12 Months Ended
Oct. 31, 2019
Mar. 31, 2020
Oct. 31, 2019
Mar. 31, 2019
Mar. 31, 2018
Finite-lived Intangible Assets [Roll Forward]          
Intangible assets - beginning balance   $ 19,101 $ 19,145 $ 19,517  
Additions [1]   134,838      
Foreign currency translation   (4,811) (44) (372)  
Intangible assets - ending balance $ 19,101 130,027 19,101 19,145 $ 19,517
Accumulated amortization of intangible assets - beginning balance   (17,831) (17,741) (14,219)  
Impairments of other intangible assets   0 0 (3,005) 0
Amortization expense   (18,754) (90) (517)  
Fresh-start accounting adjustment (1,270) [2] 0 (768,630) 0 0
Accumulated amortization of intangible assets - ending balance (17,831) $ (18,754) (17,831) (17,741) (14,219)
Weighted average remaining contractual life, in years   10 years 8 months 12 days      
Other intangible assets, net, amortization expense, fiscal year maturity [Abstract]          
2021 [3]   $ 24,207      
2022 [3]   15,956      
2023 [3]   15,909      
2024 [3]   15,767      
2025 [3]   15,767      
Thereafter [3]   23,667      
Future intangible assets amortization expense   111,273      
Predecessor          
Finite-lived Intangible Assets [Roll Forward]          
Accumulated amortization of intangible assets - beginning balance   (19,101)      
Accumulated amortization of intangible assets - ending balance (19,101)   (19,101)    
Maintenance Expense          
Other intangible assets, net, amortization expense, fiscal year maturity [Abstract]          
2021 [3]   16,700      
2022 [3]   8,500      
2023 [3]   8,400      
2024 [3]   8,300      
2025 [3]   8,300      
Thereafter [3]   8,700      
Total          
Finite-lived Intangible Assets [Roll Forward]          
Accumulated amortization of intangible assets - beginning balance   0      
Accumulated amortization of intangible assets - ending balance 0   0    
U.K. SAR Customer Contract          
Finite-lived Intangible Assets [Roll Forward]          
Additions [1]   58,000      
Foreign currency translation   (2,294)      
Intangible assets - ending balance   55,706      
Accumulated amortization of intangible assets - beginning balance   0      
Amortization expense   (3,251)      
Accumulated amortization of intangible assets - ending balance 0 $ (3,251) 0    
Weighted average remaining contractual life, in years   7 years      
PBH          
Finite-lived Intangible Assets [Roll Forward]          
Additions [1]   $ 76,838      
Foreign currency translation   (2,517)      
Intangible assets - ending balance   74,321      
Accumulated amortization of intangible assets - beginning balance   0      
Amortization expense   (15,503)      
Accumulated amortization of intangible assets - ending balance 0 $ (15,503) 0    
Weighted average remaining contractual life, in years   16 years 10 months 24 days      
Client relationships          
Finite-lived Intangible Assets [Roll Forward]          
Intangible assets - beginning balance [4]   $ 12,646 12,679 12,777  
Foreign currency translation [4]     (33) (98)  
Intangible assets - ending balance [4] 12,646   12,646 12,679 12,777
Accumulated amortization of intangible assets - beginning balance [4]   (11,696) (11,606) (11,372)  
Impairments of other intangible assets [4]       0  
Amortization expense [4]     (90) (234)  
Fresh-start accounting adjustment [2],[4] (950)        
Accumulated amortization of intangible assets - ending balance [4] (11,696)   (11,696) (11,606) (11,372)
Client relationships | Predecessor          
Finite-lived Intangible Assets [Roll Forward]          
Accumulated amortization of intangible assets - beginning balance [4]   (12,646)      
Accumulated amortization of intangible assets - ending balance [4] (12,646)   (12,646)    
Trade name and trademarks          
Finite-lived Intangible Assets [Roll Forward]          
Intangible assets - beginning balance [4]   4,608 4,619 4,878  
Foreign currency translation [4]     (11) (259)  
Intangible assets - ending balance [4] 4,608   4,608 4,619 4,878
Accumulated amortization of intangible assets - beginning balance [4]   (4,288) (4,288) (1,213)  
Impairments of other intangible assets [4]       (2,933)  
Amortization expense [4]     0 (142)  
Fresh-start accounting adjustment [2],[4] (320)        
Accumulated amortization of intangible assets - ending balance [4] (4,288)   (4,288) (4,288) (1,213)
Trade name and trademarks | Predecessor          
Finite-lived Intangible Assets [Roll Forward]          
Accumulated amortization of intangible assets - beginning balance [4]   (4,608)      
Accumulated amortization of intangible assets - ending balance [4] (4,608)   (4,608)    
Internally developed software          
Finite-lived Intangible Assets [Roll Forward]          
Intangible assets - beginning balance [4]   1,094 1,094 1,107  
Foreign currency translation [4]     0 (13)  
Intangible assets - ending balance [4] 1,094   1,094 1,094 1,107
Accumulated amortization of intangible assets - beginning balance [4]   (1,094) (1,094) (915)  
Impairments of other intangible assets [4]       (72)  
Amortization expense [4]     0 (107)  
Fresh-start accounting adjustment [2],[4] 0        
Accumulated amortization of intangible assets - ending balance [4] (1,094)   (1,094) (1,094) (915)
Internally developed software | Predecessor          
Finite-lived Intangible Assets [Roll Forward]          
Accumulated amortization of intangible assets - beginning balance [4]   (1,094)      
Accumulated amortization of intangible assets - ending balance [4] (1,094)   (1,094)    
Licenses          
Finite-lived Intangible Assets [Roll Forward]          
Intangible assets - beginning balance [4]   753 753 755  
Foreign currency translation [4]     0 (2)  
Intangible assets - ending balance [4] 753   753 753 755
Accumulated amortization of intangible assets - beginning balance [4]   (753) (753) (719)  
Impairments of other intangible assets [4]       0  
Amortization expense [4]     0 (34)  
Fresh-start accounting adjustment [2],[4] 0        
Accumulated amortization of intangible assets - ending balance [4] (753)   (753) $ (753) $ (719)
Licenses | Predecessor          
Finite-lived Intangible Assets [Roll Forward]          
Accumulated amortization of intangible assets - beginning balance [4]   $ (753)      
Accumulated amortization of intangible assets - ending balance [4] $ (753)   $ (753)    
[1] In connection with the Company's emergence from bankruptcy and in accordance with ASC 852, the Company recognized customer contract intangibles of $58.0 million related to U.K. SAR and $76.8 million related to power-by-the-hour ("PBH") contracts. The amortization expense for the U.K. SAR contract is recorded in depreciation and amortization on the consolidated financial statements and the amortization expense for the PBH contracts is recorded in maintenance expense included in direct costs on the consolidated financial statements.
[2] In connection with the Company's emergence from bankruptcy and the application of ASC 852, the Company adjusted the intangible assets of $1.3 million to its fair value of zero at the Effective Date. See Note 3 for further details on the impact of fresh-start accounting on the Company's consolidated financial statements.
[3] The portion of future amortization expense that will be included in maintenance expense is $16.7 million for fiscal year 2021, $8.5 million for fiscal year 2022, $8.4 million for fiscal year 2023, $8.3 million for fiscal year 2024, $8.3 million for fiscal year 2025 and $8.7 million thereafter.
[4] The Bristow Norway and Eastern Airways acquisitions, completed in October 2008 and February 2014, respectively, included in the Europe Caspian region, resulted in intangible assets for client contracts, client relationships, trade names and trademarks, internally developed software and licenses. On May 10, 2019, the Company sold Eastern Airways. The Airnorth acquisition completed in January 2015, included in its Asia Pacific region, resulted in intangible assets for client contracts, client relationships and trade name and trademarks. For discussion of impairment of long-lived assets, including purchased intangibles subject to amortization, see "Impairment of Assets."